FCMB Capital Markets Limited acted as a Joint Issuing House and Bookrunner on the ₦274.19 billion Series 1 Development Bond issued by the Bank of Industry (BOI), one of the largest sub-sovereign bond issuances through the Nigerian capital market.
The five-year, 17.60% fixed-rate bond, due in 2031, was issued through BOI Financing SPV Plc under the Bank’s US$1 billion Multi-Currency Instruments Programme.
Initially sized at ₦250 billion, the transaction was oversubscribed due to strong demand from institutional investors.
BOI exercised the green shoe option to accommodate the additional demand, increasing the final issuance to ₦274.19 billion.
FCMB Capital Markets advised on key aspects of the transaction, including distribution strategy, book-building, and investor engagement.
Participating investors included pension fund administrators, banks, development finance institutions, corporates, and other institutional investors.
Commenting on the transaction, Managing Director of FCMB Capital Markets Limited, Ikechukwu Omeruah, said: “This transaction highlights the depth of Nigeria’s domestic debt capital market and its capacity to mobilise funding for development on a large scale.
By assisting the Bank of Industry (BOI) to access a broad pool of institutional investors, we contributed to a transaction that strengthens its capacity to finance businesses and projects across priority sectors.”
“The strong investor response reflects confidence in BOI and growing demand for credible instruments that connect institutional capital with Nigeria’s economic priorities.
We appreciate BOI’s board and management for the opportunity to partner with the Bank and for the confidence placed in FCMB Capital Markets on its debut issuance through Nigeria’s domestic debt capital market.
This financing is expected to support productive capacity, job creation, local value addition, and economic diversification.
The transaction reinforces FCMB Capital Markets’ role in supporting governments, financial institutions, and companies to structure and access funding through Nigeria’s capital market.
About FCMB Capital Markets Limited
FCMB Capital Markets Limited, the investment banking subsidiary of FCMB Group Plc, is registered with the Securities and Exchange Commission as an issuing house and financial adviser.
The firm offers debt and equity capital raising, financial advisory, project and structured finance, mergers and acquisitions, and restructuring services.
